You could've bought a subdividable block in Werribee for $250k 2 years ago as well, make of that what you will - I contemplated it. Just a personal preference, I prefer South Eastern suburbs. Has worked out well for me.
A subdividable block near the bay for $303k not cheap?
By the way, when is the last time you went there?
I hear certain demographics are struggling to make rent, I wonder what happens when rent prices continue to rise. Bye bye riff raff...